Venture capitalist Tim Draper has gone on the record before to predict the future price of Bitcoin.
And now, the billionaire investor has stepped forward with yet another prediction—expect Bitcoin to hit $250,000 USD per coin by 2022.
Draper, who came into the Bitcoin scene in 2014 when he won over 30,000 Bitcoins in an auction held by the U.S. Marshal Service, previously predicted that the price of Bitcoin would hit the $10,000 USD mark in 2018.
This was years ago, and Bitcoin averaged at about $413 USD at the time. By the end of November 2017, Bitcoin had hit an all-time high of $19,700 USD per coin.
Recently, he predicted Bitcoin’s rise to $250,000 at the Draper University in San Mateo then later followed it up with two tweets; the latter tweet he used to correct his initial tweet making the prediction, which erroneously said $25,000 instead of $250,000.
Draper has also recently invested heavily in Tezos, an altcoin that’s yet to launch, and is backed by his previous predictions.
Putting Draper’s Predictions into Perspective
Draper is no stranger to attention from the media and the world at large. His predictions have put him in the spotlight before, and this time, many believe it will be his most impressive feat if Bitcoin manages to complete the turnaround by 2022.
Looking at Bitcoin’s recent performances, however, it is easy to be skeptical.
Since the start of 2018, the cryptocurrency’s performance has been abysmal, partly attributed to a recent move by major tech companies including Google and Facebook to ban all advertising related to Bitcoin and ICOs.
The Future of Bitcoin Is Unclear
The digital currency’s popularity has taken a steep decline over the past few months as many Bitcoin users have resorted to much cheaper and more secure alternatives.
It is hard to predict Bitcoin’s future due to its recent erratic performances, but Draper appears ready to put his money on Bitcoin, trusting its value to not just change, but change positively within the next few years.
Tighter Regulations & Bans Surrounding Bitcoin
Tim Draper’s recent prediction has come on the heels of a 17 percent rise in the price of Bitcoin. The popular cryptocurrency has been struggling through a worldwide wave of regulatory adjustments, most of which haven’t worked its favor.
Bitcoin is still facing a considerable number of many obstacles as governments around the world, especially the U.S., continue to reject ICOs in a bid to clamp down on terrorist funding and fraud.
Nevertheless, Tim Draper has faith that Bitcoin only needs four years to become almost as valuable as all the currency in the world.